GSK (NYSE:GSK) executives struck an upbeat tone on the company’s full-year 2025 results call, pointing to broad-based sales growth, operating leverage, and a pipeline they said is gaining momentum. Management also outlined priorities for 2026 centered on maximizing key launches, accelerating late-stage assets, and continuing business development (BD) while simplifying operations and increasing use of technology such as AI.
2025 results: Sales up 7% and dividend increased
GSK reported 2025 sales up 7% at constant exchange rates (CER) to more than £32 billion. Core operating profit grew 11% and core EPS increased 12%. Cash generated from operations was £8.9 billion, which the company said supported investment and shareholder returns, including a dividend increase of 2p to 66p declared with the results.
On cash flow and capital allocation, Brown said free cash flow rose to £4.0 billion (more than £5.0 billion excluding Zantac payments). Zantac payments in 2025 were £1.2 billion, bringing total payments to £1.9 billion, with the settlement process described as “materially complete.” She added that shareholder distributions totaled £4.0 billion via dividends and buybacks, including repurchase of 93 million shares at an average price of 1,473 (with the remaining £0.6 billion to be completed in the first half).
2026 guidance: 3%-5% sales growth, profit and EPS up 7%-9%
For 2026, GSK guided to sales growth of 3%-5% at CER and core operating profit and core EPS growth of 7%-9%. The company expects to pay a £0.70 dividend, a 6% increase. Brown said specialty medicines are expected to grow at a low double-digit percentage, including mid- to high single-digit growth for HIV, while both vaccines and general medicines (GenMed) are expected to range from a low single-digit decline to stable.
Brown cautioned that operating profit growth is expected to be “heavily weighted” to the second half of 2026, reflecting the annualization of items such as the RSV settlement and the impact of the £300 million charges taken in late 2025. Currency could also weigh on results; using closing rates as of Jan. 28, management indicated an expected impact of about -3% on sales and -6% on operating profit.
Commercial performance: Specialty growth led by respiratory, oncology, and HIV
Head of Global Product Strategy Nina Mojas said overall sales increased in all regions, with specialty medicines up 17%. In respiratory, immunology and inflammation, sales rose 18%, driven by Benlysta and Nucala. Benlysta grew 22%, with management highlighting guideline support and U.S. uptake among biologic-naïve patients. Nucala grew 15% and reached £2.0 billion in annual sales, marking its 10th consecutive year of double-digit growth.
In oncology, sales increased 43%. Mojas said Jemperli sales rose 89% on strength in endometrial cancer, while Ojjaara grew 60% and benefited from new data presented at EHA; she noted the NCCN included Ojjaara as Category One for patients with anemia, though she expected first-line uptake to grow more slowly than second-line growth. Zejula sales declined, which management attributed to FDA labeling restrictions. The company emphasized Blenrep as a key launch product, noting it is approved in 15 markets.
In HIV, Deborah Waterhouse said sales rose 11% in 2025, supported by long-acting injectables and the oral two-drug regimen Dovato. She said the U.S. grew 14% and continued to gain market share. Cabenuva grew 42% in 2025, and Apretude grew 62%, which she said held up despite a competitor launch.
In vaccines, Mojas said sales were £9.2 billion, up 2%, driven by ex-U.S. performance in Shingrix and Bexsero. Shingrix sales were £3.6 billion, up 8%, driven by Europe and international regions but offset by the U.S. She said 2026 Shingrix performance is expected to benefit from markets outside the U.S. and China, offset by slowing U.S. immunization rates and partner inventory management in China. GenMed sales were slightly down, with Trelegy growth offset by other respiratory and established products. Mojas also noted a targeted approach to launching Blujepa in uncomplicated UTIs and cited a June 18 PDUFA date for tebipenem in complicated UTIs in the U.S.
Launch focus: Extensa and Blenrep expected to ramp gradually
Management repeatedly pointed to 2026 as an execution year for launches, especially Extensa (six-monthly dosing) and Blenrep. Mojas said Extensa is approved in the U.S., U.K., and Japan, and highlighted market research suggesting patient preference for six-monthly dosing and a 72% reduction in exacerbations leading to hospitalization in data she referenced during the call.
On Blenrep, Mojas said the launch trajectory should be viewed as a deliberate, slower ramp given the need for coordination with eye care professionals and familiarity with dosing strategies to manage eye-related side effects. She said the company had engaged around 18,000 eye care professionals in the U.S. and described REMS as “not an issue,” noting that physicians are used to REMS programs. In the Q&A, she characterized the number of REMS-certified physicians as “hundreds,” while cautioning against focusing on a static figure.
CEO Luke Miels added that early usage was roughly split 50/50 between academic centers and the community setting, which he viewed as encouraging given the company’s emphasis on community-based treatment. He said additional granularity on performance would be provided at the first-quarter update.
Pipeline and BD: multiple pivotal starts, hepatitis B and oncology catalysts, and RAPT acquisition
Chief Scientific Officer Tony Wood said GSK secured five FDA approvals in 2025 and started seven new pivotal trials, including studies for Extensa in COPD, efimostirmen in MASH, velsatinib in second-line GIST, and Risres (a B7-H3 ADC) in extensive-stage small cell lung cancer. He reiterated that the company’s top R&D priority is accelerating development timelines.
Wood highlighted upcoming readouts and milestones, including data for bepirovirsen in chronic hepatitis B (from the phase 3 BEWELL program), phase 3 data for camlipixant in refractory chronic cough around mid-2026, and results later in the year from a pivotal AZA1 trial for Jemperli in dMMR locally advanced rectal cancer. In oncology, he discussed Blenrep trials including DREAMM-10 and future studies, as well as planned pivotal programs for MoRes (B7-H4 ADC) and broader phase 3 plans for Risres under the EMBOLD program.
On business development, Wood said GSK recently agreed to acquire RAPT Therapeutics for its lead asset Ozuriquibat, a long-acting anti-IgE monoclonal antibody in phase 2 for food allergy. Management expects the deal to close in the quarter and said the goal is to advance the asset into phase 3. Brown added in the Q&A that RAPT was not included in the company’s long-range forecast, while prior deals such as IDRx (efimostirmen) and an earlier-stage PD3-4 license were included.
Miels also addressed questions about reported reductions in R&D staffing by framing them as part of a broader effort to dynamically reallocate resources toward higher-return programs as the portfolio evolves.
About GSK (NYSE:GSK)
GSK (GlaxoSmithKline plc) is a London-headquartered, multinational pharmaceutical and healthcare company formed through the 2000 merger of Glaxo Wellcome and SmithKline Beecham. The company is dual-listed and operates globally, developing, manufacturing and commercializing prescription medicines, vaccines and specialty treatments. Over its history GSK has evolved through portfolio reshaping and strategic transactions to focus on science-led pharmaceuticals and vaccines.
GSK’s core activities include research and development of therapies and vaccines across a range of therapeutic areas, commercial manufacturing, and global marketing.
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